Top 10 life insurance myths
True or false? Fact or fiction? Understanding term life insurance and its benefits means sifting through the myths surrounding it. So we've taken a look at the most common misconceptions about life insurance to set the record straight, helping you to make the right choice for you and your family.
Myth #1: I don't need life insurance
Probably false. Unless you are an individual who does not have children, has money on hand to cover all debts and funeral expenses, and does not feel the need to offset the loss of their income to a spouse, leave any additional money to family, or to a charity, then it may be true, you don't need life insurance. But few people have the funds readily available to fulfill all their wishes or meet their obligations after their death.
At the very minimum, if you have anyone who relies on your income for their day-to-day needs like a spouse or children, or if you have debts like a mortgage, credit cards, or car loans, then you likely need life insurance.
Myth #2: I don't work outside the home so I don't need life insurance
Definitely false! Just because there's no paycheque to replace, doesn't mean life insurance is unnecessary. In fact, have you ever considered how much it would cost to pay for childcare and housekeeping in the absence of a stay-at-home parent? It's a lot of money and reason enough to have life insurance.
Myth #3: I have life insurance through my job. I don't need any more coverage
False. The truth is your life insurance coverage through your work may not be protecting yourself and your loved ones as much as you think. Review how much your employer-paid insurance provides and calculate whether this is enough to keep your family comfortable through the difficult times if you're not around. What's more, when you leave your job for any reason, including retirement, your coverage will cease.
Myth #4: I have coverage from my mortgage lender. It's enough
Mortgage life insurance pays off your mortgage if one of the people listed on the loan dies before it's paid—but that's it. What about the rest? Term life insurance offers coverage that can be used for anything, including funeral expenses, paying down a mortgage, car loan and credit cards, or to offset the loss of income into the family finances.
Myth #5: I don't need life insurance once my children are self-supporting and my mortgage is paid off
Everybody's insurance needs vary. But how would your spouse manage daily living expenses without your help? And what if your spouse outlived you by 10, even 20 years?
Myth #6: I won't be able to get insurance because I'm a smoker
Not true. What is true is that as a smoker, the premium you pay for your life insurance coverage will be slightly higher than a non-smoker's premium. Even though as a smoker you'll pay more for your coverage, it's likely more affordable than you think.
Plus, many life insurers offer ‘preferred rates' to smokers as well. After all, even though you are a smoker doesn't mean you are unhealthy, so why not?
Myth #7: Once a smoker, always a smoker in the eyes of the life insurers
Wrong! Good news for ex-smokers. Most life insurance companies consider you a non-smoker once you've been smoke-free for 1 full year. So congratulations, after one year you can get non-smoker rates.
Myth #8: I'm young so odds are I won't need life insurance
Although it is unlikely you'll die during your working years, you're not insuring for what's likely to happen but instead, for the worst-case scenario. That's why term life insurance is inexpensive for young, healthy people. Buying life insurance now means you'll be providing financial security without spending a lot of money for it.
For example, an online quote at kanetix for a $250,000 10-year term policy for:
a healthy 35-year old non-smoking woman costs as little as $173 a year*
a healthy 35-year old non-smoking man costs as little as $215 a year*
a healthy 35-year old non-smoking married couple costs as little as $313 a year*
What's more you may even be eligible for 'preferred' rates that mean the annual premiums are even less!
Myth #9: If term life insurance is really so cheap there must be a catch
There's no catch. Your basic term life insurance policy will offer you coverage so long as you pay your premium. You buy term insurance for the duration of time you'll need life insurance, whether that's until the kids are out of school or until your mortgage is paid off. Plus, your premiums are fixed for the length of the term. They won't increase even if the status of your health changes.
Myth #10: It's such a hassle to get life insurance
Thanks to the Internet, getting quotes is fast, free and easy. Online quotes for term life insurance are available online at kanetix from some of Canada's most respected and known insurance companies.
Final fact:
Life insurance policies provide you with customized coverage for your family's needs. Complete a quote online at kanetix for a Term 10, Term 20 or Term to 100 life insurance policy and we'll introduce you to a licensed representative so you can go over your family's life insurance needs.
* Rates from the kanetix website May, 2007.
Sympatico / MSN Finance’s editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft or Bell Canada of any specific security or trading strategy. Neither Microsoft nor Bell Canada shall bear any responsibility to an investor based on actions taken in reliance of them. An investor's best course of action must be based on individual circumstances.
http://finance.sympatico.msn.ca/insurance/insight/kanetix/article.aspx?cp-documentid=4868349
Tuesday, May 22, 2007
Free Auto Insurance Quotes Could Equal Big Savings
Free Auto Insurance Quotes Could Equal Big Savings
Published: Friday, April 27, 2007 1:51 PM CDTE-mail this story Print this page
(ARA) - Did you know that most people are not getting the best price for their auto insurance? Perhaps it's easier to stay with the agent you've always known, or you don't want to spend the time calling each agent individually. Whatever the excuse, procrastinating could be costing you hundreds of dollars.The truth is auto insurance companies are competing for your business, meaning you could easily be offered a better price than what you pay now. Finding what's available for you is easier than you think. Insurance.com specializes in making the process of researching auto insurance quick and easy. And their customers save an average of $451 on their auto insurance contract. Want to know where you stand? Here's how it works:According to the Independent Insurance Agents & Brokers of America, Insurance.com is the nation's largest online auto insurance agency. The company partners with more than a dozen of the nation's leading auto insurance companies to provide instant and accurate rates to its users. Rates come directly from each insurance company, so it's not just an estimate, it's what you really would pay if you had a contract with that particular company.
Sounds interesting, but how much time does it take? Each customer only needs to answer one set of questions to get up to four real quotes. This process takes about 15 minutes, depending how much coverage you need and your vehicle history.After you receive your quotes, compare it to your current coverage and what you are spending. If you are getting a great deal now, there's no need to change and you can rest assured that you are making a good choice. If like many, you find yourself surprised by the quotes you received and the potential savings, you can buy your new insurance policy online or over the phone through an unbiased knowledgeable licensed agent.If you've had a recent life event -- got married, child got their permit and needs coverage, or moved -- insurance prices could change. Make sure you are getting the best possible price.
You can't control the price of gas or the cost of car repair, but you can save money on your auto insurance. Stop wondering and find out today with a free quote from https://www.insurance.com/quotes/auto.aspx?sid=1000002671.Copyright © 2007, ARAnet, inc.
http://www.bentoneveningnews.com/articles/2007/05/21/ara/automotive/925.txt
Insurance for young drivers set to soarROBERT FAIRBURN
Insurance for young drivers set to soar
ROBERT FAIRBURN
Young drivers could see their annual car insurance premiums rise to more than £3000 within the next 10 years, it was predicted yesterday.
The high number of accidents and convictions for dangerous driving among 17 to 21-year-olds have resulted in insurers increasing charges by 92% over the past decade. Watchdogs believe the trend will continue.
The uSwitch.com website says it could cost a young driver as much as £3097 to insure a Ford Fiesta.
Average premiums for all drivers are now around £409 year but for 17 to 21 year-olds the figure is £948 with young men being charged £1181.
If premiums continue to rise at this rate, by 2017 the average young driver can expect to pay more than £3000 for annual car insurance.
Young drivers represent just 4.2% of the market yet they account for 16% of motoring offences and 34% of dangerous driving offences.
This combined with the fact young male drivers are also 10 times more likely to be involved in an accident explains why insurers charge younger drivers higher premiums.
Aron Thompson, head of insurance at uSwitch.com, said: "Young drivers do get a raw deal when it comes to insuring their cars.
"While they are typically deemed a more risky group of drivers because of their lack of experience on the roads and prevalence of dangerous driving, unfortunately all young people, even if they are sensible drivers, get tarnished with the same brush.
"We urge young drivers to research the cost of insurance before buying a car."
Earlier this year, the Scottish Executive introduced a six-month pilot scheme in Grampian to help young motorists with the cost of advanced driver training in an effort to cut the number of road deaths.
The north-east has the highest fatal accident rate in Scotland for drivers aged 17 to 25. A total of 62 people died on the region's roads last year.
The scheme provides half the cost of advanced driver training. When this is added to local authority funding already on offer, it means a £150 course could cost as little as £15.© All rights reserved. Reproduction in whole or in part without permission is prohibited.
http://www.theherald.co.uk/news/news/display.var.1412195.0.0.php
ROBERT FAIRBURN
Young drivers could see their annual car insurance premiums rise to more than £3000 within the next 10 years, it was predicted yesterday.
The high number of accidents and convictions for dangerous driving among 17 to 21-year-olds have resulted in insurers increasing charges by 92% over the past decade. Watchdogs believe the trend will continue.
The uSwitch.com website says it could cost a young driver as much as £3097 to insure a Ford Fiesta.
Average premiums for all drivers are now around £409 year but for 17 to 21 year-olds the figure is £948 with young men being charged £1181.
If premiums continue to rise at this rate, by 2017 the average young driver can expect to pay more than £3000 for annual car insurance.
Young drivers represent just 4.2% of the market yet they account for 16% of motoring offences and 34% of dangerous driving offences.
This combined with the fact young male drivers are also 10 times more likely to be involved in an accident explains why insurers charge younger drivers higher premiums.
Aron Thompson, head of insurance at uSwitch.com, said: "Young drivers do get a raw deal when it comes to insuring their cars.
"While they are typically deemed a more risky group of drivers because of their lack of experience on the roads and prevalence of dangerous driving, unfortunately all young people, even if they are sensible drivers, get tarnished with the same brush.
"We urge young drivers to research the cost of insurance before buying a car."
Earlier this year, the Scottish Executive introduced a six-month pilot scheme in Grampian to help young motorists with the cost of advanced driver training in an effort to cut the number of road deaths.
The north-east has the highest fatal accident rate in Scotland for drivers aged 17 to 25. A total of 62 people died on the region's roads last year.
The scheme provides half the cost of advanced driver training. When this is added to local authority funding already on offer, it means a £150 course could cost as little as £15.© All rights reserved. Reproduction in whole or in part without permission is prohibited.
http://www.theherald.co.uk/news/news/display.var.1412195.0.0.php
Carbon offset car insurance launched
Carbon offset car insurance launched
Emma LunnGuardian Unlimited
A new car insurance policy has been launched that will offset 100% of the customers' CO2 emissions for the duration of their policy, as well as make a contribution towards tackling global climate change.
Created by insurance intermediary Budget, ibuyeco allows customers to offset all of their carbon emissions by paying a small additional fee.
Payments are based on the type of vehicle and the estimated mileage details provided by customers. Emissions are calculated using guidelines from several key groups and bodies, including DEFRA whose guidelines are used by other government departments when appraising their policies.
Article continues
Using this method, the typical family car mileage of between 10,000 and 12,000 miles per year would require an offset fee of roughly £20, for example.
ibuyeco managing director, Matthew Gledhill, said: "ibuyeco is a practical solution for those people who cannot simply give up using their car.
"People recognise that sometimes creating a carbon impact is unavoidable, but they still want to do something about it.
"This offset charge will contribute towards the funding of specific projects via the CarbonNeutral Company, one of the world's leading full service carbon management businesses.
"The projects fall into different categories, including energy efficiency, reforestation and renewable energy, and are based both home and abroad."Special reportsConsumer newsMotoringUseful linksAAAEA Energy & EnvironmentAssociation of British DriversCar-pool.co.ukCommission for Integrated TransportDepartment for TransportDriving.co.ukEnvironment AgencyHighway codeInstitute of Advanced MotoristsNewCarNetSociety of Motor Manufacturers and TradersStreetcar
http://money.guardian.co.uk/insurance_/motor/factsheet/0,,2084876,00.html
The £100 Car And Home Insurance Rip-Off!
The £100 Car And Home Insurance Rip-Off!
My current perception of home and car insurance, based on anecdotal evidence, is that premiums are rising massively. People have been telling me that their renewal notice has arrived and the cost has inexplicably risen hundreds of pounds. However, statistics show that this isn't the case. According to the AA, at the start of last year the average quoted comprehensive car insurance policy was £762 and now it's £802, an increase of just £40 (5%). Third party, fire and theft went up from £941 to £993, an increase of £52 (5.2%).
As for household insurance: buildings insurance went up from £208 to £211 (1.2%) in a year and contents insurance down from £152 to £149 (1.78%).
So, at no more than a 5.2% average increase, the changes in average quoted premiums do not reflect the experiences that have been reported to me. However, I believe the answer is simple: many insurers are quoting massively inflated renewal figures. A Fool reader wrote in to say that one insurer has routinely been adding 35% to renewal quotes for household insurance, which can easily add £100 to most people's buildings and contents insurance!
Speaking as a Fool with a background in insurance, I can tell you that this is not unusual. Most, if not all, insurers and brokers will happily increase premiums at renewal, because they know that many people will simply renew. On average people only shop around every three years for car insurance, and every ten for household insurance.
The thing is, though, that if you get a new quote from the same insurer or broker, they will almost certainly improve on their renewal figure. The same Fool who reported the 35% increase said that the insurer quoted £100 less if you got a new quote online, rather than accepting the renewal premium.
Furthermore, compare the average quoted premium with the shop-around premium:
Insurance
Averagepremium
Shop-aroundpremium
Averagesaving
Comprehensive carinsurance
£802
£465
£337
TPFT car insurance
£993
£560
£433
Buildings insurance
£211
£141
£70
Contents insurance
£149
£85
£64
Figures from the AA
As you can see, the savings for shopping around are huge: on average more than £300 for car insurance and about £130 for both buildings and contents.
Here are some more thoughts:
Don't just renew automatically, even if the renewal quote is the same as last year. your insurer/broker might write to say it's 'delighted' to offer you the same price, but in reality the cost of insurance might have even come down!
For many years direct insurers offered heavily discounted prices, for some lengthy periods losing 10p or 20p for every £1 taken in premiums. But now that they've built up large customer bases, they'll feel happy to increase renewal premiums even further.
Don't get emotional about it. It's not about the principle, it's about cost. So, if your current insurer/broker has handled your claims well in the past, offer them the opportunity to beat your best shop-around quote: even if they at first tried to renew for 35% extra!
> Compare car insurance> Compare household insurance> Cheaper Car Insurance Today!
http://www.fool.co.uk/news/your-money/insurance/2007/05/22/car-home-insurance-rip-off.aspx
My current perception of home and car insurance, based on anecdotal evidence, is that premiums are rising massively. People have been telling me that their renewal notice has arrived and the cost has inexplicably risen hundreds of pounds. However, statistics show that this isn't the case. According to the AA, at the start of last year the average quoted comprehensive car insurance policy was £762 and now it's £802, an increase of just £40 (5%). Third party, fire and theft went up from £941 to £993, an increase of £52 (5.2%).
As for household insurance: buildings insurance went up from £208 to £211 (1.2%) in a year and contents insurance down from £152 to £149 (1.78%).
So, at no more than a 5.2% average increase, the changes in average quoted premiums do not reflect the experiences that have been reported to me. However, I believe the answer is simple: many insurers are quoting massively inflated renewal figures. A Fool reader wrote in to say that one insurer has routinely been adding 35% to renewal quotes for household insurance, which can easily add £100 to most people's buildings and contents insurance!
Speaking as a Fool with a background in insurance, I can tell you that this is not unusual. Most, if not all, insurers and brokers will happily increase premiums at renewal, because they know that many people will simply renew. On average people only shop around every three years for car insurance, and every ten for household insurance.
The thing is, though, that if you get a new quote from the same insurer or broker, they will almost certainly improve on their renewal figure. The same Fool who reported the 35% increase said that the insurer quoted £100 less if you got a new quote online, rather than accepting the renewal premium.
Furthermore, compare the average quoted premium with the shop-around premium:
Insurance
Averagepremium
Shop-aroundpremium
Averagesaving
Comprehensive carinsurance
£802
£465
£337
TPFT car insurance
£993
£560
£433
Buildings insurance
£211
£141
£70
Contents insurance
£149
£85
£64
Figures from the AA
As you can see, the savings for shopping around are huge: on average more than £300 for car insurance and about £130 for both buildings and contents.
Here are some more thoughts:
Don't just renew automatically, even if the renewal quote is the same as last year. your insurer/broker might write to say it's 'delighted' to offer you the same price, but in reality the cost of insurance might have even come down!
For many years direct insurers offered heavily discounted prices, for some lengthy periods losing 10p or 20p for every £1 taken in premiums. But now that they've built up large customer bases, they'll feel happy to increase renewal premiums even further.
Don't get emotional about it. It's not about the principle, it's about cost. So, if your current insurer/broker has handled your claims well in the past, offer them the opportunity to beat your best shop-around quote: even if they at first tried to renew for 35% extra!
> Compare car insurance> Compare household insurance> Cheaper Car Insurance Today!
http://www.fool.co.uk/news/your-money/insurance/2007/05/22/car-home-insurance-rip-off.aspx
Say Yes to cheaper car insurance
Say Yes to cheaper car insurance
We search a panel of more than 20 leading car insurance providers to find the best car insurance policy for you.
Whether you require Comprehensive cover, Third Party, Fire and Theft or a Third Party Only car insurance policy, you can be sure we'll do all we can to find you a very competitive online quote and cheaper car insurance premiums with yesinsurance.co.uk.
If your car is five years old or more, congratulations! You could qualify for even cheaper car insurance premiums, as yesinsurance.co.uk specialises in insurance for older cars. This keeps our costs down, because in the event of a claim our customers' cars cost less to replace and repair than new ones, so we can pass the savings on to you as cheaper car insurance.
We also have great insurance deals for low mileage drivers and second cars because they offer a lower risk of accident as they are on the road less.
We offer a range of payment options to make paying for your car insurance easy - you can pay by direct debit, credit card or debit card and in an annual lump sum or monthly instalments (subject to status). All types of payment can be arranged online or over the phone.
We accept Mastercard, Visa, Switch, Solo and Electron cards.
Please ensure that you have read the important information before making any payment to yesinsurance.co.uk
Please note that if you wish to pay for your car insurance by Switch on a monthly basis we will set up a Direct Debit Instruction.
http://www.yesinsurance.co.uk/car-insurance/
Young, Single and Not Insured? Get Hunting for Best Packages
Young, Single and Not Insured? Get Hunting for Best Packages
By Kimberly Lankford Kiplinger's Personal Finance
If you're on your own, you need insurance. The trick is figuring out what you need and then finding it at the right price.
Until you reach age 25, auto insurance premiums can be a major budget-buster. But prices for the same coverage can vary by hundreds of dollars from one company to another.
When Keisha Fuller was in her early 20s, she decided not to buy a car until she found an auto-insurance policy that cost less than $1,000 per year. The Atlanta woman started her quest at the Georgia insurance department's Web site, where she learned about smaller companies offering good deals.
She contacted independent agents to get price quotes (find an agent in your area at www.iiaba.org), gathered quotes from large insurers at Allstate.com and Progressive.com, and used sites such as InsWeb.com and Insure.com, which work with a number of companies. The result: Fuller found a policy that cost less than $900 per year.
And she didn't stop there. She reshops her coverage every six months or so, and last December her premium dropped to $426 a year. "I turned 25, an old accident was removed from my record, and I took an online defensive-driving course from AARP for $19.95," says Fuller.
In addition to car insurance, young singles should have renters coverage to insure their belongings, which can be expensive to replace, and give them liability protection. You should be able to find a policy for just $100 to $200 per year, and purchasing it from your auto insurance company could earn you a discount on both policies.
If you don't have health insurance through your employer, it's a good idea to buy it on your own. You can generally stay on your parents' policy while you're a full-time student, up to age 25 (rules vary by company and state). After that, you may be able to continue coverage for up to 36 months through the federal COBRA law. Premiums will jump if your parent's employer had been subsidizing the cost. But you can't be rejected for health reasons, so COBRA may be your best bet if you have a medical condition.
You're healthy? You'll probably be able to beat COBRA's cost. Get quotes from several companies at eHealthInsurance.com, or find a local agent at www.nahu.org.
Raising your deductible on individual coverage to at least $1,100 can lower your premium significantly and qualify you for a health savings account. An HSA lets you set aside tax-deductible money that you can use tax-free to pay for medical expenses that aren't covered by insurance.
Young singles don't have to worry about life insurance. You need that type of coverage only when someone is financially dependent on you.
(c) 2007 Deseret News (Salt Lake City). Provided by ProQuest Information and Learning. All rights Reserved.
http://www.carinsurance.com/news/content2576.aspx
By Kimberly Lankford Kiplinger's Personal Finance
If you're on your own, you need insurance. The trick is figuring out what you need and then finding it at the right price.
Until you reach age 25, auto insurance premiums can be a major budget-buster. But prices for the same coverage can vary by hundreds of dollars from one company to another.
When Keisha Fuller was in her early 20s, she decided not to buy a car until she found an auto-insurance policy that cost less than $1,000 per year. The Atlanta woman started her quest at the Georgia insurance department's Web site, where she learned about smaller companies offering good deals.
She contacted independent agents to get price quotes (find an agent in your area at www.iiaba.org), gathered quotes from large insurers at Allstate.com and Progressive.com, and used sites such as InsWeb.com and Insure.com, which work with a number of companies. The result: Fuller found a policy that cost less than $900 per year.
And she didn't stop there. She reshops her coverage every six months or so, and last December her premium dropped to $426 a year. "I turned 25, an old accident was removed from my record, and I took an online defensive-driving course from AARP for $19.95," says Fuller.
In addition to car insurance, young singles should have renters coverage to insure their belongings, which can be expensive to replace, and give them liability protection. You should be able to find a policy for just $100 to $200 per year, and purchasing it from your auto insurance company could earn you a discount on both policies.
If you don't have health insurance through your employer, it's a good idea to buy it on your own. You can generally stay on your parents' policy while you're a full-time student, up to age 25 (rules vary by company and state). After that, you may be able to continue coverage for up to 36 months through the federal COBRA law. Premiums will jump if your parent's employer had been subsidizing the cost. But you can't be rejected for health reasons, so COBRA may be your best bet if you have a medical condition.
You're healthy? You'll probably be able to beat COBRA's cost. Get quotes from several companies at eHealthInsurance.com, or find a local agent at www.nahu.org.
Raising your deductible on individual coverage to at least $1,100 can lower your premium significantly and qualify you for a health savings account. An HSA lets you set aside tax-deductible money that you can use tax-free to pay for medical expenses that aren't covered by insurance.
Young singles don't have to worry about life insurance. You need that type of coverage only when someone is financially dependent on you.
(c) 2007 Deseret News (Salt Lake City). Provided by ProQuest Information and Learning. All rights Reserved.
http://www.carinsurance.com/news/content2576.aspx
Get your free car insurance quotes in minutes.
Get your free car insurance quotes in minutes.
We provide auto insurance quotes for all 50 states! We offer a convenient way to comparison shop for auto insurance.
Shopping for car insurance is the only way to save money on car insurance. With CarInsurance.com it is easy to buy your auto insurance online, in some states you could complete the process and have your proof of insurance in 15 minutes!
Our site is easy to use and our goal is to show you how much you can save with our services. Not only will you save your money, but you will save your time too. Our online car insurance quote takes just a few minutes and then we provide rates from companies that suit your needs. You can finish online or our professional call center is available to help you purchase car insurance. In some states you will be directed to one of our trusted partners for a rate in you area.
Because we offer multiple company rates and the ability to purchase their auto insurance quote from one place, we are ahead of other online insurance companies. Start your quote to see how companies compete for your business. You could save over 25% on your auto insurance.
Our goal is to give consumers all the information and resources they need to make informed auto insurance decisions. We are your online car insurance marketplace!
Cheap Car Insurance
Cheap Car Insurance
At Endsleigh we have a panel of 50 UK car insurance schemes. When you use our quote system we will check all of our providers but we only present the cheapest car insurance quote from them to you.
Whether you are a first time driver, a women driver or are simply looking for a cheap car insurance quote then try Endsleigh.
Our quote process takes less than a minute. Join the thousands of people who switch to Endsleigh every month for our cheap car insurance!
Subscribe to:
Posts (Atom)
